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The Kudlow Report

News/Business. Larry Kudlow. Larry Kudlow provides his unique perspective on business, politics and investing. New.

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New Orleans 6, Jack Welch 6, Jack 5, America 4, Obama 4, Vince 4, Jim 4, Steve Moore 4, Pentagon 3, Reince Priebus 3, California 3, U.s. 3, Keith Boykin 3, Joe Biden 3, Biden 3, United States 3, Mitt Romney 3, Kudlow 3, Jane 2, Us 2,
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  CNBC    The Kudlow Report    News/Business. Larry Kudlow. Larry Kudlow provides his  
   unique perspective on business, politics and investing. New.  

    October 5, 2012
    7:00 - 8:00pm EDT  

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next week, three big things, alcoa, i think they'll be hurt by chinese aluminum. yum, remember, i think they'll be l. >> hey, larry, huge interview tonight. you have jack welch, what else is cooking? >> 7.8% unemployment. is this magic number of president obama for real or was it cooked? good evening, i'm larry kudlow. this is "the kudlow report." team obama doing a victory lap, rejoicing over the 7.8% victory lap. my guest, jack welch, is questioning whether the numbers were cooked to help president obama. mr. welch will respond live and
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talk to me in a moment. this whole thing comes as the romney roll continues. scott rasmussen has three polls showing a dead heat in battle ground states, hai, virginia, florida. even the liberal magazine "the new yorker" sees it on their front cover, mitt romney pulling a clint eastwood, debating an empty chair. first up, it was the tweet that was heard around the world. my good friend jack welch set off a social media firestorm. take a look at his tweet. "unbelievable jobs numbers. these chicago guys will do anything. can't debate so change numbers, end quote. he's chase by accusing the white house of skewing the data to help president obama. earlier on cnbc, u.s. labor secretary fired back with this response. please take a listen. >> these are our best trained
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and best skilled individuals that have been working in the bls and it's really ludicrous to hear that kind of statement. >> here now is the legendary jack welch, former ge chairman, ceo and great friend of "the kudlow report." it's great to see you. i don't feel like defending obama, i don't feel like defending the labor secretary but i got to tell you, i worked in the white house under reagan, omb, you can't touch those numbers, jack, you can't touch those numbers before they're published. >> larry, look, this election is too important to have it hinge on one number. we got this number of 7.8 today, below where the president came in and we have assumptions. what i wanted to see and there's a real debate about this number. larry, the private sector household number, which is done by calling 50,000 people in the hundred plus million population
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for workers came in with a number of 873,000 people. that is the highest number since 1983, booming reagan years when you were there. >> i understand. i don't feel like defending bureaucrats left and right, it's not my favorite thing. but these guys, as the labor secretary said, they use surveys and models, it's only a 50 or 60,000 sample but that's nothing new. that's the way it's been for as long as the data is kept. you got 600,000 part-time workers. that was the biggest piece of it, an increase of 600,000 and self-employed went up 118,000 with some other factor, you get your 873,000. now, jack, here's my point. these numbers are subject to huge revisions, okay? you may get a completely different number next month. but i do have trouble, i don't want to defend obama, but i do
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have trouble thinking and letting people assume that somehow the white house got involved. they don't. the number doesn't come out until 4:30, quarter to 5 on thursday afternoon. it's impossible, jack. the number may be bad and revised but they can't touch it. that's the point i'm making. >> okay, larry, let's leave it there then, let's have a discussion of the number because today the president was out on the stump and he didn't talk about 600,000 government workers added in the last two months, the largest number since the study's been done since 1948. he didn't talk about what you just talked about, 600,000 temporary. he talked about 7.8 for eight hours today. okay? 7.8. let's talk about how we get the 7.8. this election is too important to let one number that might be corrected next month determine the outcome of the election. >> i'm looking right at the sheet. government -- federal, state and
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local was only up 10,000. look, i know obama is going to crow about it. any president would crow about he needed some good news after getting walloped and having his clock cleaned at the debate. but my other point, jack -- >> larry, wait a minute, let me make one point. i've been reviewing businesses all week, 14 of them, okay, and not one of them is showing stronger growth in the third quarter than they did in the second. some are equal to the second, some are a little worse than the second. the economy was revised down in the second. it's implausible that you could be running at a 5% gdp growth rate, which is what these numbers are implying. >> the nonfarm payroll number was lousy. you're right about that. the nonfarm payroll and private sector numbers, 114,000 and 104,000 were lousy so i agree with that point. i want to challenge you on one other point, okay? the isms for manufacturing and
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services both outperformed. now they're walking back to the mid 50s. that shows better growth. maybe even 3% growth. car sales at 15 million. home prices are rising and i just want to say it is possible, jack, you are smarter than i am, you know more about business than i, but it's possible that the data are showing that the month of september was a stronger month than we thought. i'm not -- these jobs numbers may or may not be accurate or may or not be revised but other thing, are coming in that actually look like we bumped up a little bit. >> you were around in '83. in '83 we had 5% gdp growth. that's the last year we had a number like this. for the life of you you don't think we're growing at 5%. >> i do not. i agree with you 100%. all i want to say is the bls may have made a mistake, their models may have made a mistake. the thing that got me, jack, and
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i love you, i respect you, you're the best but the idea that the white house can tamper with the data, once you establish that, whether you're a republican or a democrat, you'll never live it down and i'm here to tell you i know how this process works. the bureau of labor statistics did to the deliberately fiddle with the data. their models may be wrong, it may be revised but if you go down that road, jack, no one will ever believe the government statistics ever again and i don't want that to happen. it's not about obama, it's about the process. >> let's hope that's totally correct, larry, but i'll tell you, we're not growing at 5% and maybe it's a total coincidence that this number dropped to a tenth, the low when the president took office. but, larry, i'm not here for that. let's have a discussion and let's get analysts on both sides talking about these numbers, how they're assembled, what they mean so that we don't have an election, the most important
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election in my lifetime -- >> i appreciate it. >> -- driven by a number. >> it's an anemic recovery, the worst in history. i know you have other things to do. i appreciate you coming on, jack, you know how much i respect you. i hate like hell to argue with you. >> it's okay. >> on this one we'll do it again. i said team obama has not cooked the books. let's hear what the candidates responded to today's job reports. both had very different takes. please take a listen. >> today's news certainly is not an excuse to try to talk down the economy to score a few political points. it's a reminder that this country has come to far to turn back now. >> the unemployment rate as you noted this year has come down very, very slowly but it's come down nonetheless. the reason it's come down this year is primarily due to the fact that more and more people have just stopped looking for
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work. >> all right, let's continue this. my question is will the headline 7.8% do anything to slow down mitt romney's rise? let's talk. igor volski, and steve moore. good evening, gentlemen. steve moore, it is possible that the economy is doing a little better or did better in september than people think. i don't want to defend the number but the bureau of labor statistics say the economy is not as bad as some people think. >> it was a decent number, no question about it. barack obama got his four-year wish list. he got that 7 in front of the unemployment rate number, which he's wanted for a long time. i'll say what i say in our editorial tomorrow. the labor market still stinks, larry. this is a lousy labor market. we still have 14.6% people who are unemployed when you include the people who can't find a
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full-time job, when you include all those people who dropped out of the labor force, that's 23 million people. i wanted to emphasize one thing with your conversation with jack welch. jack was right about one thing. there are only 10,000 added in terms of government jobs in the new report but all of the additional -- the revised upward jobs numbers for the last two months -- >> larry, larry -- >> every one of those jobs was a government job. >> no, there was some private jobs revised upward. >> igor, it sounds like i'm defending you. >> i appreciate it. >> i'm just trying to play by the numbers. i call it as i see it. here's a political point. it turns on the intrade, obama's numbers went right back up today when people saw the unemployment drop. i find this interesting. in fact, jimmy has said obama regained everything he lost during the debate.
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what's your thought about that? it says these numbers are helping him. >> well, i think that's right. he's been saying on the campaign trail give me four more years and i'll really get this economy in gear and now he can point to something that justifies that message. the key is you already see voters in polls saying they think the economy is getting better. here this number advances that argument. it's a big boost. what you didn't hear romney say today is what he's been saying for years, that the unemployment rate is above 8% for 44 months. that talking point is done. it's over and it's going to be a little hard for him to make that economic case. >> let me say something about this, though. i looked back at the data four years ago, exactly four years ago -- i'm sorry, eight years ago. the democrats ran against the bush economy. do you know what the unemployment rate was in october of 2004? it was 5.5%. there's a big deference between
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a 55.5% -- >> igor, 7.8% unemployment ain't much to run on. you still got problems. and igor, it's still a 2% economy. i mean, this is an anemic, the worst economy in modern times going back to 1947. now the question, though, politically, igor, i want you both to weigh in before we leave, politically does this stop obama's drop from the debate? igor, real fast, please. >> i don't think the drop is that great and, yes, there's a lot of -- >> no, it doesn't because the debate performance reenergized the conservative movement and republican donors and voters around the country, larry. that is the news of the week, this unbelievable performance by mitt romney. >> i got to leave it there, gentlemen. igor, i'm sorry. steve moore got the best of those two conclusions. igor volsky, steve moore.
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>> coming up, the jobless rates hits a five-year high. investors have been fleeing the stock market in droves. the question is can they come back. don't forget, folks, free market capitalism is the best path to prosperity. if we had adopted free market capit capitalism in 2009, the unemployment rate would be about 5.5%. i'm kudlow. we'll be right back. if we want to improve our schools... ...what should we invest in?
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maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this.
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. another winning week for stocks. between today's positive jobs report and romney's ace debate, the dow added 173 points to the plus side for the week. so let's talk. fellas, i want to get to the second story, too, but give me some lightning round stuff. jim you' jim, was there a mitt romney lightning round? >> i think there was a bit of a rally. but that failed from the old bernanke high as couple weeks ago but it lost some steam.
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>> jim, is will a fed qe3 rally going on. i know we like to talk politics, politics can affect stocks. is the fed pump priming still putting wind behind the stock market? >> absolutely. look, the biggest correlation we can find with the market in anything over the last four years is quantitative easing. now there's a lot of rumors out that qe4 is coming because the fed is worried about the fiscal cliff. so, yes, it's a manipulated market and this is why the market has rallied more than anything else. >> you can't have qe4 because qe3 is in perpetuity. they would just pump more. jim iurio, was there a jobs controversy today with the 7.8 unemployment rate? is it possible some investors think the economy is a little better than they did prior to this? we had the ism consumer credit went up.
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that was reported today. >> it just goes on to what jim lacamp says. this is anemic growth. if you get back that 7.8%, everything else rolooks relativ bad, not quite bad. we continue on the anemic growth. if it's good enough to keep the administration going for the next four years, the fed will be involved and qe3 in perpetuity. >> no one has been more critical of fiscal and monetary policy than i have. but you are up year over year close to 30% on the s&p 500, jim lacamp. that's pretty darn good, 30%. obama supporters call it the obama market. analysts say it's because the federal reserve has put so much liquidity in. some people like myself think it has to do with good earnings. nonetheless, real fast, jim, this is a strong market. it's up 30% year on year.
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>> well, beyond qe, there are reasons stocks are going up. people can't get returns on bonds, cds, t-bills. they start to nibble away at the stocks. investors are very slowly coming back around to the stock market. frankly, they think corporate k ceos more trustworthy and maybe stocks are safer investments these days than bonds showing a negative rate of return. >> the headline story in the front page today, despite gains, "many sto -- manyflee stocks."
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jim, did they miss the boat? how do you read those things? >> in 1929 when the stock market crashed, my father distrusted the stock market from that point on. the market is manipulated, whether you think it's the fed, each month brings a new story. that's a lot of dry powder to truly a rally in the future. >> some people are worry the market is rigged, other people are worried about electronic trading, others are worried about ipos that go bust like facebook. what's going to bring them back in? >> investors refresh the last time the markets were rigged.
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in 1999 they flied the market with liquidity and then it crashed. investors are very leary about manipulated markets and they should be. what will bring them back in is chronic negative real returns and low interest rates on fixed income investments. they haven't come around to the market yet but they will come around to the market when they get sick of getting beaten by the inflation rate. >> at that last graphic we had on the full screen, really the volume of the number of households, i'm sorry, the number of people who own stocks in households is really holding at about 50%. that number has not changed. and, by the way, you can go back i believe to the mid to late 90s. so 50% of american households do own stock. that number hasn't changed. i think the investor class is still out there and i think they're going to come back when they see a little better economic policy and a little better economic returns. thanks very much on a friday
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night. up next on "the kudlow report," consumer credit shoots up. are consumers thinks the economy is on the way back? the full story on that and all the breaking headlines coming in to cnbc. [ male announcer ] the 2013 smart comes with 8 airbags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety.
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which can withstand over three and a half tons. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this.
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with the blackish-blue frame and the white dots and the splattered paint pattern, your lights are on. what? [ male announcer ] the endlessly customizable 2013 smart. the meningitis outbreak spreads to more states. we've got cnbc's own jackie deangelo. she joins us with more on that and all the latest breaking
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headlines copping inming into t newsroom. >> more meningitis cases all from steroid injections. the centers for disease control report 47 cases, including 5 deaths in 7 states. it was shipped to health care facilities in 23 states. >> and the jobs report dominated economic news today but the volatile week in oil trading also had an impact. and finally tonight, u.s. consumer credit bounced back in august. according to a fed report, retail shoppers and people signing auto and student loans upped the increase. >> that's pretty bullish that consumer credit thing. i want to underscore that after trying to persuade jack welch that the economy might not be as bad as he thinks but then again, he knows more than i do. thanks very much. coming up on "the kudlow
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report," romney surges into a dead heat in ohio, virginia and florida. three big battleground states. reince priebus will tell us what mitt need to do to keep up his momentum next on "the kudlow report."
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welcome back to "the kudlow report." i'm larry kudlow. in this half hour, not even falling unemployment with save barack obama's disastrous debate performance in front of 67 million people. and a race fading resurfaced tape sure didn't help. why is it that liberals go absolutely berserk every time president obama is held accountable for past speeches? i don't get it. and obama loving californians are getting stick are shock. almost $6 a gallon for oil. $6 a gallon for gas and it could go up even higher before election day. how does team obama answer that? it ain't solyndra. first up, the obama campaign still shell shocked after wednesday
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wednesday''s debate. take a look at these recent and stunning admissions from vice president joe biden. >> up knyou know that phrase yo always use, "obama and biden want to raise taxes by $8 trillion." guess what? yes, we do in one regard. >> how they can justify raising taxes on the middle class has been buried the last four years. >> we want to bring on a special guest reince priebus. there's biden with a trillion dollar tax cut. the wonderful thing, there's the second one also, he said the middle class has got i don't know buried. they have gotten buried in the past four years. who's responsible for that? >> yeah, right. you know, it's amazing, these guys act like they must be living in an alternative universe. they forget the fact and i think president obama had this
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epiphany as well on stage wednesday night, they forget the fact that guess what, guy, president obama and joe biden, you guys have been in charge for the past four years. so all of your whining and all of your complaining, you can just look right in the mirror and figure out who's to blame because they're the ones that have been in charge. so, yes, the middle class have been buried. the other piece, the first part of that sound bite from joe bide on the fact that, yes, they want to raise taxes, they do. and they've already done it. whether it be obama care, it isn't working. they're going to have to account for it for the next 34 days. thank god we've got three more debates to go. >> those are two devastating quotes. reince priebus, let me get you to listen to president obama, who got whooped so badly in the debate. now he's back with his negativity and coming personally to mitt romney. take a listen, please. >> i met this very spirited
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fellow who claimed to be mitt romney. but i know it couldn't have been mitt romney. whoever it was that was on stage last night doesn't want to be held accountable for what the real mitt romney's been saying for the last year. he may do a tap dance and a two step, but if you want to be president, then you owe the american people the truth. >> all right. reince priebus, what is your response to that negative attack? >> well, i'm not sure if butt kickings are covered by obama care but he might want to look at that. this is like day-late zingers, let's huddle up in the morning and figure out how many we can remedy the bad performance from wednesday night. it's garbage. i mean, the person who was at the debate with 60 million viewers ready to go toe to toe and talk about details and specifics and take on the president was mitt romney.
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he was the only one that came with passion and heart and specifics. it was the president that was meandering and uninspiring and not willing to be there. if the president had something to say about it and had such great comebacks and great lines and wanted to challenge mitt romney, he had his opportunity. don't go the next day and talk to 35,000 good students in my home state of wisconsin with your zingers. bring 'em on stage, which he didn't do. >> last one, reince, if you will. you got a lot of momentum coming out of this debate where romney basically politely cleaned obama's clock. my question to you is to keep that momentum going, we got 30 something days. what's your message? what's the key, core message that you all want to communicate in the last month? >> number one, the president didn't fulfill his mission. number two, we present a better future and a better vision for this country and for our kids
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and our grandkids. the current path isn't good enough. america deserves better. >> leave it there. republican national committee chairman reince priebus. we appreciate your time very much, sir. >> there you have it. let me go directly to my panel. here is cnbc contributor keith boykin and author of "chronicles of a manhattan conservative." >> i'm a reince priebus admirer but that last message do it for me. i think the message has to be growth, growth, growth. there are still 25 million people out of work who would like to be working. why did you think reince was so mushy on that point? >> i think it has to be a message of prosperity. you have barack obama a big
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government guy and mitt romney talking about small government, self-sufficiency. i was grateful in the debate to finally see two very different visions that america can choose from. think they need to keep making that distinction very, very clear. >> but they've got to have a growth message, get people back to work, get the businesses started up again. they've got to. >> low taxes, deregulation. >> where was the tax reform? let's stop right there. where was reince priebus, where's his tax reform? mitt was brilliant on lower tax rates, broadening the base. lower tax rates gives you incentives. to me that was a huge winner in the debate but i didn't hear that tonight. >> i think you also need to focus on small businesses. small businesses we know are going to be affected very badly by obama care and the obama care taxes. mitt romney made a point of talking about how small
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businesses file as individuals sometimes under the individual rate. so i think that reince, it would be in his best interest to really talk to these small business owners throughout the country. >> keith boykin, let's go to joe bid biden. a trillion dollar tax hike, he sounds like a good i de. 1.1 trillion deficit today. that all sounds like trickle down government, keith. big tax hikes and big deficits. >> joe biden was talking about letting the bush tax cuts expire for the wealthiest americans. and if you're serious about cutting the deficit, larry, you got to do something about increasing revenue. you conservatives have to make up your mind. do you want to grow the economy or do you want to cut the deficit? you can't do both if you're not willing to raise some revenue. the problem is that mitt romney got on stage on wednesday and he was a totally different mitt
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romney from the severely conservative mitt romney who has been running for president on the gop ticket for the past few months. and on the issue of taxes, on the issue of preexisting conditions, on the issue of regulations, he reversed himself on stage. and shame on president obama for not challenging him on that and shame on jim lehrer for not pushing him on that. >> the way that you bring in more revenue, and mitt romney said this beautifully, you put more people to work be you give them jobs. you don't bring more revenue in by putting one american against another. >> you mean like the 47%. >> you don't distribute what you have to someone else. we don't redistribute. >> i think you need to have a conversation with mitt romney. he's the one who wants to divide americans based on the 47%, the takers versus the moochers, the takers versus the makers as paul ryan said. >> he misspoke on that.
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>> he spent 17 days doubling down, defending that remark. suddenly when he realized poll numbers were tanking, he comes out on fox news and says i didn't really mean that. >> the rasmussen polls out today show that mitt romney has a nice bounce from that debate. >> three states. hang on a second. but jedadai, mitt romney said he was wrong on the 47%. i think that was pretty good of him to say that. show as ls a lot of character. has president obama said he was wrong when he made the statement that he was wrong when he said you didn't start that business? i don't think i heard him take that back. >> the reason he couldn't have to do that is the media doesn't hold barack obama accountable. the media only holds republicans accountable when they make
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mistakes and misspeak. mitt romney did have character in saying that. he wanted to make sure those 47% of americans, some of whom don't pay federal income taxes but are supporting governor romney and don't support a message of big government -- >> the reason why he didn't say it because he didn't say that. he didn't say you didn't build that. and the reason -- >> he did say he didn't build that. >> the reason the republicans aren't using that line anymore is because it didn't work. >> i'm still waiting for the president to take it back, you didn't start that business. >> keith boykin, the most fun i'm going to have with you down through the weeks is going to be trickle down government. i just love that. i wish i had thought of that myself. thank you very much, the author of "outnumbered, chronicles of a manhattan conservative."
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c car loving, obama loving california is running out of gas. hello, jane. >> they are crowding this arco store because it's the on place they can get the cheapest gas. cheap is $4.59. we'll have the story when we come back. [ male announcer ] the 2013 smart comes with 8 airbags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety.
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ongoing refinery problems in california are causing some gas stations to shut down and prices to skyrocket. jane wells is live in northridge, california with all the details. good evening, jane. >> somebody just drove by joking is this where the free gas is? i don't think there will ever be free gas in california again. the gas here at this arco station is 18 cents higher since we were here nine hours ago. they're going to run out of regular in about 15 minutes. they expect to be out of everything an hour after that. however, more gasoline is starting to come back into the system. exxon mobil tells us its refinery is finally backli onli after a four-day power outage. some stations ran out of fuel, turning 2012 into "that 70s show." drivers remember rationing back
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during the baembargo era. it's bad timing. >> the expectation that aaa has is over the weekend and heading into early next week, the state average could rival the all-time high, $4.61 in the summer of 2008. >>, oh my, gosh, weir hi're hirn that. some find the timing curious. a lot of talk about the brownouts in the era of enrap. some talk about the markets being manipulated. >> every time election it goes this way. this time it goes for three days 40 cents. it's unbelievable. >> what do you think about this? >> no bueno. >> senator fine stain said in august she wrote a letter to the
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ftc that they look into the prices after the chevron oil pipeline fire. we're told there's enough gas to meet demand. according to the commission, the open market for unbranded gasoline is very expensive and a lot of these station owners don't want to pay it so they are closing rather than paying the higher prices but they say the gasoline is out there. >> all right, jane wells, thank you. i don't know why somebody in sacramento can't ease up the regulations on all these gas blends. that's the point. it's not just the supply and demand situation. it's government regulation. anyway, we've been covering topics this week on "the kudlow report" that is my patriotic blood boiling. we're going to keep tabs until the kudlow report sees a resolution. last night we discussed a new report that shows america's
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brave warriors are being denied the right to vote. it's outrageous. why is team obama and the pentagon not helping our fighting men and women cast their absentee ballots? here's kendra rotunda of the military protection voter project. >> this is clearly frustrating their right, their opportunity to be able to cast a ballot this election year. the pentagon frank live seems not to care very much. the pentagon's response is let's wait until after the election and see how things turn out and after the election is too late. >> it is all wrong. we called the pentagon for a response. here's what they had to say "more than 200 installation voter assistance officers exist around the globe. in addition, unit voting assistance officers are available to every unit in every service all over the world. we encourage voters to double-check state-specific deadlines. miss rotunda told us and
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supplied numbers that absentee ballot voting by military voting is down 50%, 60% and 70% in key battleground states. there is something fishy going on here. we are going to stay with that story. now, next up on tonight's show, more than three weeks after the deadly attack on our consulate in benghazi where four americans were murdered, including the ambassador, the fbi has just now been allowed to enter the consulate for the first time. few people have been arrested. where is the justice that president obama promised? take a listen. >> today we mourn for more americans who represent the very best of the united states of america. we will not waver in our commitment to see justice is done for this terrible act and make no mistake, justice will be done. >> all right, justice will be done. it a good sentiment. the bottom line is, however, is
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not much is happening. a lot of people are asking wlp there's a white house coverup here. congress is going to demand answers. we will cover those hearings. if you think there's a story we should be keeping tabs on, let us know. you can find us on twitter and on facebook. >> up next, some very controversial video of obama surfaces. what does the main stream media do about it? blame conservatives for exposing it.
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in a very hot video released this week by "the daily caller," president obama says the government short changed hurricane katrina victims. take a listen to this. >> what's happening down in new orleans? where's your dollar? where's your stafford money? makes no sense. tells me the bullet hasn't been taken out. tells me that somehow the people down in new orleans, they don't care about as much. >> let's listen how some of the media is reacting to this particular video. >> with the right wing's lame effort to cook up an october surprise in the election. "the daily caller" web site claimed they dug up a shocking new tape they call president
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obama's other race speech. it shows just how desperate the right wing is. >> obama has just been subject to the fox news treatment of angry black man again. >> this speech was covered in 2007. it was aired last night on the conservative media, fox's sean hannity, "the daily caller" web site. >> carson called this a bomb shell but a little reality here. this tape is not new. it was an open press event recorded in its entirety in 2007 and many media outlets, including cnn, extensively covered it. >> is it that the liberal mainstream media does go berserk when president obama is held accountable for some of his speeches? vince, welcome. i want to get into the substance of it in a minute. what's the beef of all these liberal media people? why can't you or me or anybody
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else run some of obama's past speeches? >> well, i think there's one of two reasons. one, they're utterly embarrassed they missed it the first time and how could you? this is kind of amazing to meet, all these media outlets come forward, they say we had this, i was at the speech, i remember this. why would you admit that in light what we know this week? no media organization should be rushing forward to claim they saw this speech in its entirety in 2007 because the contents of that speech are so remarkable. by the way, as you know, larry, so newsworthy that it really is a sub version of journalism for you to claim you were there and saw it but you didn't report those things? >> i didn't see it. the speech was made in 2007. i never covered it. i never heard of anybody even talking about it until you all started it. and my pal hannity started running it on his show. >> that's why we wanted to run it, precisely for that reason. >> vince, go to content for me. in your opinion, what is obama
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saying in this and other speech clips? >> i'm sorry, i thought you were going to play a clip. the point is when he's in this speech, in the middle of this hampton university speech, it very telling to the american public. you watch this and you see a very different president. first of all, just in terms of cadence and the way he presents himself to this audience. i don't know what you'll read into it, a lot of people read a lot of different things. but on its face it's the lowest form of pandering, it presenting yourself in a different way for a different audience. this is a guy who is supposed to be president of the united states and he's a candidate. this is the middle of 2007. now, the piece that was never revealed until we revealed it was the way he spoke so frankly about the way he thought that the federal government absolutely did not care about new orleans. by the way, i'm not just paraphrasing, "they don't care about new orleans." he said they weren't a part of the american family. >> vince, new orleans received really a fortune in government
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assistance. i'm not going to decide whether they deserved it or not here. if people thought they deserved it, they deserved it. but new orleans received a bloody fortune in bloody assistance. what is obama referring to? >> he's referring to stafford act specifically. the stafford act is an act that requires local governments and municipalities to pay a small portion of the federal assistance. but here's the irony. the president of the united states, then u.s. senator barack obama, voted against waiving pa stafford act just weeks before he gave the speech, specifically for victims of hurricane katrina. >> he voted against it? let's get this right. he makes this speech but you're saying a few weeks before he makes the speech he voted against the stafford act, which, what, you had to suspend that in order to get as much money into new orleans as possible? and he voted nay? >> he voted against giving them a waiver so that they could have
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no-strings-attached money. this is an unbelievable moment in american politics, yet here we're having the media and cnn of all places hour after hour insisting we covered this, this is unbelievable. i did a 15-minute interview with cnn yesterday. a single sentence of the interview i conducted with nem was aired because they did not have a defensible position to edefend their journalism. the reality is our journalism was right and theirs was wrong. you have to admit that, you have to see that now. >> do you have other tapes that are going to come out? >> we're always working on it. all of a sudden all these baum tapes have been popping up. we have the jack ryan opposition research file we are releasing in parts, we're going to soon be releasing in full. there's a lot about obama people say they don't know and we think there's a void to be filled there so we're going to do it. >> your basic point is he needs to be fully vetted, that back in
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2008 he was not fully vettedoned you want to make sure this time around he is, is that fair? >> and the press was con plit is. this was an open event and they chose not to cover it. vince, thank you very much. that's it for this show. thank you for watching. the more information about any of these candidates, mitt romney, barack obama, just put it right out there, free speech. that's free markets. i'm kudlow. we'll see you monday. up. a short word that's a tall order. up your game. up the ante.
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